Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.6B | $37.8B | $41.3B | $43.3B | $15.4B | $24.6B | $45.0B | $53.7B | $57.1B | $59.1B |
| Revenue growth | — | 3.4% | 9.3% | 4.7% | -64.5% | 60.4% | 82.5% | 19.5% | 6.2% | 3.5% |
| Operating income | $4.34B | $3.62B | $3.23B | $4.30B | -$6.36B | -$1.02B | $2.34B | $4.21B | $5.10B | $4.71B |
| Operating margin | 11.9% | 9.6% | 7.8% | 9.9% | -41.4% | -4.1% | 5.2% | 7.8% | 8.9% | 8.0% |
| Net income | $2.23B | $2.14B | $2.12B | $3.01B | -$7.07B | -$1.96B | $737M | $2.62B | $3.15B | $3.35B |
| Net margin | 6.1% | 5.7% | 5.1% | 7.0% | -46.0% | -8.0% | 1.6% | 4.9% | 5.5% | 5.7% |
| EPS (diluted) | $6.76 | $7.06 | $7.67 | $11.58 | -$25.30 | -$6.10 | $2.23 | $7.89 | $9.45 | $10.20 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.54B | $3.47B | $6.16B | $6.91B | -$4.13B | $2.07B | $6.07B | $6.91B | $9.45B | $8.43B |
| Capital expenditures | $3.22B | $3.87B | $4.07B | $4.53B | $1.73B | $2.11B | $4.82B | $7.17B | $5.62B | $5.87B |
| Free cash flow | $2.32B | -$396M | $2.09B | $2.38B | -$5.86B | -$40.0M | $1.25B | -$260M | $3.83B | $2.56B |
| Share buybacks | $2.61B | $1.84B | $1.24B | $1.65B | $353M | $0.00 | $0.00 | $0.00 | $162M | $637M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.18B | $1.48B | $1.69B | $2.76B | $11.3B | $18.3B | $7.17B | $6.06B | $8.77B | $5.94B |
| Total assets | $40.1B | $42.3B | $49.0B | $52.6B | $59.5B | $68.2B | $67.4B | $71.1B | $74.1B | $76.4B |
| Long-term debt | $9.92B | $11.7B | $12.2B | $13.1B | $24.8B | $30.4B | $28.3B | $25.1B | $21.7B | $17.2B |
| Shareholders' equity | $8.57B | $8.79B | $10.0B | $11.5B | $5.96B | $5.03B | $6.90B | $9.32B | $12.7B | $15.3B |
| Retained earnings | $3.43B | $4.55B | $6.71B | $9.72B | $2.63B | $625M | $1.26B | $3.83B | $6.88B | $10.1B |
| Shares (wtd avg diluted) | 330M | 304M | 277M | 260M | 279M | 322M | 330M | 332M | 333M | 329M |
Every figure is extracted from United Airlines Holdings, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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